Waddell Company had the following balances in its accounting records as of December 31, Year 1: Liabilities and Equity Accounts Payable Assets $ 7,500 $35,000 9,000 Cash points Accounts Receivable Common Stock 40,000 47,500 Retained Earnings 51,000 Land $95,000 $95,000 Total Total The following accounting events apply to Waddell Company's Year 2 fiscal year: 1 Acquired $20,000 cash from the issue of common stock. 1 Paid $6,000 cash in advance for a one-year lease for office space. 1 Paid a $2,000 cash dividend to the stockholders. 1 Purchased additional land that cost $15,000 cash. 1 Made a cash payment on accounts payable of $5,500. 1 Received $9,600 cash in advance as a retainer for services to be performed monthly over the coming year. 1 Sold land for $30,000 cash that had originally cost $30,000. 1 Purchased $2,500 of supplies on account. 31 Earned $58,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to $46,000. 31 Incurred other operating expenses on account during the year that amounted to $28,000. 31 Recognized accrued salaries expense of $6,500. 31 Had $50 of supplies on hand at the end of the period. 31 The land purchased on April 1 had a market value of $20,000. Jan. Feb. Mar. Apr. May July Sept. Oct. Dec. Required Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint: Enter items in general ledger accounts under the accounting equation before answering the questions.) a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? c. What amount of rent expense would be reported on the income statement? d. What amount of total liabilities would be reported on the balance sheet? e. What amount of supplies expense would be reported on the income statement? f. What amount of unearned revenue would be reported on the balance sheet? g. What amount of net cash flow from investing activities would be reported on the statement of cash flows? h. What amount of total expenses would be reported on the income statement? i. What total amount of service revenue would be reported on the income statement? j. What amount of cash flows from financing activities would be reported on the statement of cash flows? k. What amount of net income would be reported on the income statement? 1. What amount of retained earnings would be reported on the balance sheet? X Answer is not complete. Complete this question by entering your answers in the tabs below. Accounting Equation Req A to L What amount would Waddell report for land on the balance sheet? What amount of net cash flow from operating activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) What amount of rent expense would be reported on the income statement? (Do not round intermediate calculations.) What amount of total liabilities would be reported on the balance sheet? What amount of supplies expense would be reported on the income statement? What amount of unearned revenue would be reported on the balance sheet? (Do not round intermediate calculations.) What amount of net cash flow from investing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) What amount of total expenses would be reported on the income statement? (Do not round intermediate calculations.) What total amount of service revenue would be reported on the income statement? (Do not round intermediate calculations.) What amount of cash flows from financing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) What amount of net income would be reported on the income statement? (Do not round intermediate calculations.) What amount of retained earnings would be reported on the balance sheet? (Do not round intermediate calculations.) Show less A 36,000 O Land a. Net cash flow from operating activities b. 44,100 Rent expense 5,500 C. d. Total liabilities 28,000 X Supplies expense 2,450 e. Unearned revenue f. IS 9,600 Net cash flow from investing activities Total expenses 15,000 O g. 5,500 X h. Service revenue 58,000 x i. 18.000 O Cash flows from financing activities j. Net income 15,550 X k. Retained earnings 1. 16,050